ICICI Securities: Torrent Pharma’s Domestic Market Outperforms; Margin Sustains
Capsules in a production line at a pharmaceutical. (Photographer Dhiraj Singh/Bloomberg)

ICICI Securities: Torrent Pharma’s Domestic Market Outperforms; Margin Sustains

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Torrent Pharmaceuticals Ltd.’s Q2 FY21 performance was mixed, with reported revenue below estimates but lower cost boosting Ebitda above estimates.

Revenue remained flat YoY with international markets declining 6% offset by 7% growth in domestic market.

U.S. sales declined 9.3% QoQ to 43 million U.S. dollars versus estimated 48 million U.S. dollars.

Controlled costs aided 450 basis points jump in Ebitda margin to 31.5% (our estimate 29.5%).

Adjusted profit after tax grew strong 27.0% to Rs 3.1 billion, as estimated driven by better margin and lower interest expense.

Click on the attachment to read the full report:

ICICI Securities Torrent Q2FY21 Results Update.pdf


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